The benchmark Stoxx 600 index and the German DAX both completed Friday’s trading session up 1.4% and 1.7%, respectively, driven by energy stocks as oil prices increased for the second straight session.
With a gain of nearly 11%, shares of German energy major Uniper were among the best-performing stocks. Even after the ECB increased rates by a historically high 75 basis points and hinted at further increases to contain inflation, European markets continued to advance this week.
Despite Russia’s suspension of supply through Nord Stream 1, natural gas prices fell over 5% on the week as European governments moved quickly to control costs through measures including gas price ceilings and a ban on the trade in power derivatives. In terms of history, the Germany Stock Market Index peaked in November 2021 at 16290.19. By the conclusion of this quarter, it is anticipated that the Germany Stock Market Index (DE40) will be trading at 12556.97 points.